#177: The Danger of Complacency

Podcast: The Danger of Complacency In this video: 00:23 – Complacency can damage you as a trader 00:50 - You won’t become an overnight expert 01.25 – Don’t run before you can walk 02:03 – Start small and treat it as a business 02:35 – Trading will not solve your financial issues 03:28 – Don’t expect to double your account in a few trades 03:55 – I offer consistency for members 04:35 – Good trading is methodical and boring 05:30 – We are not invincible 05:46 – 7th Birthday offer starts tomorrow One of the biggest problems facing Forex traders is complacency, so let’s talk about that and more right now. Hi, traders. It’s Andrew Mitchem here, the owner of The Forex Trading Coach. Today is Friday, the 6th of May. Complacency can damage you as a trader I want to talk about a big issue that faces so many Forex traders, and it’s all to do with complacency. You see, the Forex market is the biggest and the most volatile market in the world, and you really do need to take some time to get a good understanding of how it works, how you operate as a trader, and how the market as a whole operates. You won’t become an overnight expert Because I find that so many people think that they’re suddenly going to become market experts after a few weeks or a few months. Unfortunately, that’s just not going to happen. Think of it this way. You wouldn’t just walk into a brand new industry and walk into an office or a factory, and after few weeks, expect to be the manager, or expect to be a consultant, or expect to be an expert within that field. Trading Forex is absolutely no different. It takes time and you must learn to walk before you can run, and don’t jump in head first. Two of the most common phrases that we use, but it’s so applicable in trading. Don’t run before you can walk I’ll give you an example. Just this week, I had a phone call from a gentleman in the US who’s looking at taking my course, and he said to me, “Andrew, I’m looking at investing a vast amount of capital into a Forex trading account, and I’ve just come out towards retirement. I’m looking at selling some properties, selling some businesses, and I want to put a large amount of money into my trading account.” I said, “Okay, that’s fine. Your account, your money, but tell me this. How long have you been trading?” He said, “Well, I haven’t really traded. I’m just new to trading, but it’s what I want to do.” Start small and treat it as a business I had to be really careful with him and said, “Look. That’s all great, but let’s start small. Let’s start on a demo account. Once you’ve proven to yourself you can make money on a demo account, then move to a very small live account, and then slowly build up that account from that.” It’s really important that you do that and start small. Treat it as a business and just remember that if you’re at that stage, you are new to trading. It doesn’t matter how much money you might have to throw at it, but you’re still new to the industry, and it’s really important that you understand that, and you then take the opposite end of the scale. Trading will not solve your financial issues I get many emails from people saying, “Hey, Andrew. I don’t have the money to pay for your course,” or, “I’ve got a $100 account. That’s all I can afford, but how am I going to make some money on that? What money can I expect to make on that account?” With that type of person, you got to be really careful because you can’t expect to solve all yo...